It’s no secret that Toronto home prices are among the highest in the country. Those that got into the real estate market ten years ago have benefited greatly from this insane price growth that Toronto’s market has experienced. For those who are looking to take that leap into homeownership now, I’m sure you’re wondering when the best time to buy a condo in Toronto may be.

While there’s no right or wrong answer, as everyone’s scenario will be different, here are a few helpful indicators that it may the right time to buy a condo in Toronto.

THE BEST TIME TO BUY A CONDO IS…

When You Have a Down Payment

If you’ve got the funds saved for a down payment, you’re already ahead of the curve. With the average Toronto condo costing $627,927 in July, you’re expected to have a downpayment of (at the very least) $37,793 or $125,585 if you want to avoid paying mortgage insurance.

Why 5% Down Today is Better Than 20% Tomorrow

If you’ve got the funds to buy your first condo, that means you can get your money to start working for you today while also putting a roof over your head. To put things in perspective, the average condo price in Toronto in July 2018 was $582,547. That’s an 8% increase that goes right into your equity gains.

When You Know You Can Handle the Payments

Having the down payment funds ready to go is one thing, but you also want to know that you can handle the mortgage payments. Luckily, the Canadian government makes you pass a Stress Test to qualify you for your mortgage.

What the Stress Test serves to do is ensure homebuyers are able to afford their mortgage payments should interest rates rise or — God forbid — you lose your job and need some time to recover. In fact, now may be the best time to buy a condo since the stress test qualifying rate recently dropped from 5.34% to 5.19%.

Use our Mortgage Payment Calculator to see if you’d pass the Stress Test

When You’re Ready to Be a Homeowner

This may seem like a no-brainer but sometimes we’re not ready for the reality that comes with being a homeowner. With years of being a renter, you’ve had the great fortune of having all of the little annoyances that come with being a homeowner taken care of for you.

It may be the best time to buy a condo if you’re ready to take on the headaches of unexpected appliance repairs and extra annual fees like property taxes. Mind you, these really are a small price to pay for the sweet equity gains and pride that comes with being a homeowner in Toronto.

IS THERE A BEST TIME OF YEAR TO BUY A CONDO?

The Best Day to Buy is Yesterday

You’ve heard us say this a time or two before. As we touched on earlier, Toronto home prices grow steadily each year (and each month more often than not). So if you’re wondering when to buy a condo in Toronto, it was better to buy yesterday but today is better than tomorrow.

Allow us to explain.

With real estate the most important factor is time, but timing the real estate market is seemingly impossible. The longer you wait to buy, the less your money is actually worth. Let’s say you have $100,000 to put down on a condo but decide to wait in hopes that the market will drop and your dollar will go further.

Instead, over the next year the market goes up 10%. Now, your $100,000 is only worth $90,000. It doesn’t do you any favours to wait or try to time the market by waiting. The idea is to buy when you’re ready to buy and be able to hold for the long-term so your investment is safe and profitable.

Read more on Why the Best Day to Buy is Yesterday .

Is Fall Market the Best Time to Buy a Condo?

Typically, the fall and spring markets may be the best months to sell a house or condo but not necessarily the best time to buy. While you’ll benefit as a buyer to have more options available to you in the market, if you’re looking to save money, the fall and spring markets tend to see a price surge in listings.

The lesson here is really understanding if you are ready to buy a condo. Prices will always fluctuate but there’s no way to predict when the best time to buy a condo may be. Ensure that you feel you’re ready to take the leap and start searching for the perfect condo today.